Budget management software. Any advice?

Hi, Wondering if anyone managing their parents finances has found software that works for this purpose? I am paying bills, tracking costs by category plus reimbursing family members for purchases they make on her behalf. Need good documentation for Medicaid if needed in future. Thanks

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I’m no accountant, so I just used a spiral binder and wrote down everything. I’d write the amount, what it was for, and the check number and I kept the receipts in an envelope.

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After my own heart!

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I just used excel. Make sure you keep receipts.

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Thanks! Thats what i default to, just thought since its a little more complicated and has to be able to be reviewed in case she needs Medicaid there might be a better option.

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I handled my brother's care and trust for a few years both before his death, and as Trustee after his death without any computer help or programs. It was pretty much a simple attractive wine box (hee hee) with folders in it. A list of all expensive out and assets in monthly with a copy to him and a copy for myself, and with all bills and receipts. I used the copy machine a whole lot, but had no need of a computer program, so I would say it depends on how complicated it is, and how computer literate you are. Glad you have some advice about programs that worked for others. Prior to his death my brother and I would tease about how your life can be packed into one wine box near the end. We did pop for a lovely black file box soon enough.

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Me, everything was paid by check. Moms statement was my proof. For an extra fee, Moms bank gave a print out of the checks. I was the only one involved with Moms care. I reimbursed myself once a month for any out of pocket. I took the receipts and placed them in a envelope with the month and the check# on the outside. Medicaid will only ask for proof if they feel there is a problem. They did not ask me for any accting. They took 5 years of bank statements and scanned them to see if any large amounts were withdrawn or a check written for. Actually Moms caseworker took out 4 statements a year randomly. He could see her SS coming in and going out. He could see the same bills every month being paid. My out of pocket was never more than $100. If Mom had her roof done within that 5 years, Medicaid may ask for documentation. If she gave a large gift, that will be questioned.

You don't need to acct for every penny. What Medicaid looks for is large amts going out of Moms acct.

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Thanks!

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AlvaDeer, I also did it the old fashion way, ledger paper and small manila envelopes each for different receipts. For me it was just so much easier as back in college taking accounting courses there was no such thing as software or personal computers.

And if something would happen to me, the next person in line [who may not be tech savy] can easily follow :)

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I have used a budget app called "Every Dollar".
It is free and has a lot of detail.
Give it a try.

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I'll give it a try!

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I started checking into exactly what we needed for Medicaid (in Illinois) last fall in the event my husband needs long term care for his Alzheimer’s. The first step to Medicaid here was to apply on-line for a medical card, even though he already had adequate medical coverage. An agent then contacted me about three weeks after submitting the application to review figures & clarify things. We have both been self-employed over the years, so I keep all of our receipts and I keep everything in an Excel spreadsheet for tax purposes. Because I kept them as a family (we still have a teenager at home) and not as individuals, I had to split out HIS expenses (healthcare related) specifically. He was ultimately approved with a “spend down”. I was told by the agent that due to temporary covid policies that are in place, approval is currently much easier than in the past, but they would be reverting to prior guidelines at some point in the future. No documentation was required other than my word and what I put on the application. No bank statements were required (so far). The agent said getting that first month approved was the hardest, but moving on to LTC assistance will now be much easier. I continue to keep all of our bank statements, receipts & my spreadsheet. The rep said having all of that ready & available put us WAY ahead of the game compared to most when applying for aid.

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Thanks!

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Budget management software. Any advice?

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